Whether you’re a non resident, an expat, student, investor, retiree or other foreigner moving to Norway, having a local bank account is essential. It will allow you to receive your salary or stipend, pay bills, and make purchases easily. This article will guide you on how to open a bank account in Norway as a foreigner.
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Documents Needed to Open a Bank Account in Norway
The following documents are typically required to open a bank account in Norway as a foreigner:
- Passport
- Visa (if applicable)
- Proof of address in Norway (e.g., rental contract or utility bill)
- Proof of income (e.g., employment contract or student enrollment certificate)
- A D-number, which is a unique identification number assigned to individuals living in Norway who do not have a Norwegian national identity number (fødselsnummer)
You may also be asked to provide additional documentation, such as a letter of recommendation from your home country’s bank.
You can get your Norwegian National Identity Number from the local tax assessment office if you wish to stay in the country for more than six months. It is possible to open a bank account online. Also, you will be required to make identity verification. This is done once you receive a letter from the bank. You can do the verification in a post office.
Norway is not part of the European Union (and the Euro) but it is part of the European Economic Area (EEA) and the Single Euro Payments Area (SEPA) as a non-Euro country. A bankkonto, which is a bank account for deposits and withdrawals, comes a Norwegian IBAN number. You can transfer money for free between other accounts in the SEPA region.
Some Norwegian employers will only make salary payments to a domestic account. You should open a Norwegian bank account with a Norwegian IBAN if your employer will only make salary payments to a domestic account, even if you already have an account in another SEPA country. Check with your potential employer to see if they require you to have a Norwegian bank account.
Online Banks Accounts in Norway for Foreigners
It’s possible to open a bank account online as an expat in Norway, even if you don’t have a D-number (fødselsnummer) yet. You can do this by opening a multicurrency bank account with a European online bank. It will be very easy to exchange money between Euro, Pound, Dollar, Kroner and other currencies. The following are some of the best online banks you can explore. Online banks are also easier for opening a bank account in Norway as a non-resident.
N26
N26 is a German digital bank that is licensed in Europe offering online bank accounts to residents and expats of many European countries, including Norway. To open an N26 account, you will need to confirm your email, personal details, and address, select the type of account you want and erify your identity.
Unlike many other online banks that offer multicurrency accounts, N26 provides a euro bank account. The accounts come with a free Euro IBAN and a contactless Mastercard debit card. You can use your N26 card to make payments in Norway and other European countries without any foreign exchange fees. Standard accounts are free, while N26 You, Business You and N26 Metal are premium accounts that come packed with perks like budgeting tools and sub-accounts.
N26 also offers a variety of other features, including:
- Personal account and N26 business account
- Instant SEPA transfers (free for standard customers)
- Money transfers is powered by Wise, which means you get the real exchange rate for international transfers.
- Shared Spaces sub-accounts—an easier way to save, put aside funds and share expenses with family and friends
Revolut
Revolut is another multicurrency digital bank that offers free Euro IBAN accounts and contactless Mastercard debit cards to foreigners in Norway. Once you receive your salary in Norwegian krone, you can easily convert into supported currencies, including GBP, CAD, USD, and ZAR. To get started, simply download the Revolut app and complete the KYC verification process. Once your account is verified, you can order a physical Revolut card or connect your existing Revolut card to Apple or Google Pay.
Once you have a Revolut account, you can use your Revolut card to make payments in Norway and other European countries without any foreign exchange fees. You can also use Revolut to transfer money to your Euro account at transparent exchange rates. It is a great option for foreigners in Norway for international payments and online purchases. It is also a good choice for travelers who want to avoid foreign exchange fees.
Revolut also offers a variety of other features, including:
- Instant SEPA transfers (free for standard customers)
- International money transfers (powered by Wise)
- Crypto trading
- Stock trading
Bunq
Bunq is a Dutch digital bank that offers online bank accounts to residents of many European countries, including Norway. To open a Bunq account, you will need to provide your passport, Norwegian address, and D-number (if you have one).
Bunq accounts come with a free Euro IBAN and a contactless Mastercard debit card. You can use your Bunq card to make payments in Norway and other European countries without any foreign exchange fees.
Bunq also offers a variety of other features, including:
- Instant SEPA transfers (free for standard customers)
- International money transfers
- Crypto trading
- Savings accounts with high interest rates
Wise
Wise is a money transfer service that also offers virtual multivurrency bank accounts. You can use Wise to open a virtual bank account in Norway and get a Euro IBAN. This means you can make SEPA payments and receive money in euros. Wise also offers personal and business accounts.
In addition to its virtual bank accounts, Wise also offers a multicurrency account. This means you can hold, send, receive, and spend money worldwide in different currencies. Wise uses real exchange rates for currency conversion. This can be a great option for people who travel frequently or who do business internationally.
For expats in Norway, you may not even need a Norwegian bank account. You can use your Wise account to hold, spend, send, and exchange NOK. Wise also supports over 40 other currencies, including USD.
Monese
Monese is a mobile banking app that offers a multicurrency digital bank account with an IBAN. It supports SEPA payments and works with contactless payments like Google Pay, Apple Pay, and PayPal. This makes it a good option for foreigners who need to open a bank account in Norway.
To open a Monese account, you will need to download the app and provide your personal information, including your name, address, date of birth, and passport number. You will also need to verify your identity by taking a selfie and uploading a photo of your passport. Once your account is opened, you will receive a virtual debit card that you can use to make online and in-store purchases. You can also order a physical debit card, which will arrive in the mail within a few days.
To deposit money into your Monese account, you can use a bank transfer, debit card, or credit card. There is no fee for depositing money from a Norwegian bank account.
You can use your Monese account to withdraw money from ATMs in Norway. However, there is a fee of 1.50 NOK per withdrawal. Monese also offers a number of other features, such as the ability to send and receive money internationally, exchange currencies, and pay bills.
Sbanken
Sbanken is one of the best online banks in Norway, and it is a good option for foreigners who are living or working in the country. It is the best one in terms of customer service for foreigner and speed in account opening, which can take weeks with large banks. Sbanken offers a variety of banking services, including checking accounts, savings accounts, loans, and credit cards. It also offers a number of online features and tools, such as budgeting and bill paying. You can even use the bank with Google Pay before you receive your card.
Once you have opened an account with Sbanken, you will be able to receive salary directly into your account and access a variety of other banking services. However, it is important to note that the Sbanken website is not in English. However, customer service is available in English, so you can get help if you need it.
Top Major Banks in Norway for Foreigners
Norway has both local and international banks. The following are some of the Norwegian banks that you might consider opening an account with.
While European online banks allow non-residents to open bank accounts without a Norwegian national ID number, you will need to get a Norwegian national ID number (D-number) before you can open a bank account with a Norwegian bank. It is very difficult to predict which bank can get you set up with an account and BankID fastest, so we recommend starting the process with several banks to maximize the chance that one of them will be able to give you an account within a reasonable time.
Nordea Bank
Nordea Bank has the largest network of ATMs and branches in Norway. It has 240 branches and 233 ATMs in Norway. They offer youth, children, current and savings accounts. The basic Nordea Bank Brukskonto has a 25 KON monthly fee.
Their website is only partly in English, but their banking app is in English, and the customer service chat is good. It is possible to open a bank account online if you have a Bank ID. In addition, it supports Google Pay and Apple Pay.
Bank Norwegian
Bank Norwegian has branches in Norway, Denmark, Sweden, Finland, Germany and Spain and websites in the corresponding languages. They only offer credit, credit card, mortgage and a savings account. Bank Norwegian also offers a Credit Account in Norway.
Danske Bank
Danske Bank has 36 branches and 73 ATMs in Norway. They have a completely English version of their website, but for actual products to be used in Norway, you have to go to their Norwegian language website and use Google Translate.
The bank offers three types of current accounts. Basic Account with VISA credit card for 300 NOK annually; Gold Reward Account for 50 NOK monthly without further fees with VISA credit card and a travel insurance; and a Platinum Reward Card for 75 NOK monthly without further fees, with all the services of the other current accounts and additional free access to an airport lounge.
The bank has different types of savings account and a free student account. Unfortunately, the bank does not offer a business account.
DNB
DNB Bank has 18 branches and 47 ATMs in the country. DNB Pluss costs 295 NOK yearly and gives you a current bank account, banking app in English and VISA card. Their website is in English and you can use it to open an account online if you have a Bank ID.
Unfortunately, the account opening process at DNB may take weeks because they have to mail you some documents and then you have to send them back. Even after opening your account, the bank is known for regularly asking for additional documents. They are also one of the most costly banks in Norway in terms of fees and interest rates on loans.
While the bank supports Google Pay, it does not support ApplePay. We recommend that you add your DNB cards to the Curve app, an app that combines multiple payment cards into one and start using Apple Pay.
If you have a job where you can’t call the bank during business hours, you should choose a bank that has 24/7 phone support, such as DNB.
Sparebanken Vest
Sparebanken Vest is a common bank for expats and students in Norway. It offers current, student and business accounts. However, it does not provide a savings account. They have a VISA Smart current account which you can use to make online payments and make cash withdrawals. You can open an account online if you have a Bank ID. The current account attracts a Visa Card fee of 275 NOK every year. Their credit card comes with free travel insurance.
Its website is available in English, which is ideal for expats from English speaking countries who want to open accounts there and learn about their offerings.
SpareBank is known for not giving a BankID for customers from Asia easily.
Banking Fees in Norway
Bank fees in Norway are generally lower than in many other developed countries, but there are still some fees to be aware of. Most standard bank accounts in Norway do not have a monthly fee. However, some accounts with additional features or benefits, such as travel insurance or airport lounge access, may charge a monthly fee.
All banks in Norway charge an annual fee for debit and credit cards. The fee typically ranges from NOK 275 to NOK 300 (approximately USD 30 to USD 33). There are no fees for using ATMs owned by your own bank. However, if you use an ATM owned by another bank, you may be charged a fee. The fee typically ranges from NOK 10 to NOK 40 (approximately USD 1 to USD 4).
There may be other fees associated with banking services in Norway, such as overdraft fees, late payment fees, and check fees. If you need to transfer money abroad, you will also be charged a fee.
International Money Transfer Charges in Norway
Sending money abroad is very expensive. The fee typically ranges from 0.5% to 2.25% of the amount transferred, plus a fixed fee of NOK 20 to NOK 30 (approximately USD 2 to USD 3). The exchange rate is usually very poor, while currency conversion attracts other fees. You can use Wise as the cheapest and fastest alternative while sending money abroad. With Wise, you will enjoy real-time mid-market exchange rates with no markups. Their charges are transparent are a much lower compared to traditional banks.
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Opening a Bank Account in Norway for Foreigners
Opening a bank account in Norway for foreigners is possible, but there are a few things to keep in mind. The main requirements are that you have a valid passport or national ID card and a Norwegian address. Some banks may also require additional documentation, such as a proof of income or employment.
If you are unable to obtain a BankID or do not have permanent residency in Norway, you may still be able to open a multicurrency account with a European online bank such as Revolut, Wise, and N26. These banks offer a variety of features that make them ideal for expats and international travelers, such as low fees for international transfers and debit cards that can be used in over 200 countries.
